Consider a competitive market for which the quantities demanded and supplied (per year) at various prices are given as follows: price (dollars) demand (millions) supply (millions) 60 22 14 80 20 16 100 18 18 120 16 20 a) calculate the price elasticity of demand when the price is $100. b) calculate the price elasticity of supply when the price is $100. c) the price elasticity of supply is nothing. d) the price elasticity of demand is negative 0.556

The maximum tax rate on estates and gifts

Which of the following statements about brand names is true? brand names give the seller an incentive to provide consistently high-quality products and services in order to protect the reputation of the brand. brand names are always economically wasteful since they dupe consumers into buying more expensive goods and services that are no different from generic versions. it is always rational to prefer brand names over generic substitutes. read the following example and determine whether it illustrates a common critique or defense of advertising. musashi sees a commercial for a brand x clothing company that depicts the wearers of the clothes out having a good time with friends. although he doesn't particularly need new clothes, the commercial prompts him to buy a brand x t-shirt.

Define the marginal rate of substitution between two goods (x and y). if a consumer’s preferences are given by u(x, y) = x3/4y1/4, compute the consumer’s marginal rate of substitution as a function of x and y. calculate the mrs if the consumer has chosen to consumer 48 units of x and 16 units of y. show your work. (use the back of the page if necessary.